Is Peak Oil theory correct?

As has been previously mentioned, "peak oil" is just a theory. There people who believe it to be false. Read this New York Times opinion piece by Michael Lynch and answer the following question:

• What are the main arguments that Lynch uses to discredit proponents of peak oil?

Then read this article by Nate Hagens over at The Oil Drum which rebuts the Lynch article.

• According to Hagens, how is Lynch mistaken? What proof does Hagens offer that peak oil is real?
• Who do you think is more convincing? Explain.